Cryptocurrencies are becoming mainstream. From Visa’s and Mastercard’s approval to Paypal’s and Revolut’s foray into crypto, crypto has finally hit the masses. However, given the permissionless nature of blockchain technology, there are still many regulatory hurdles facing cryptocurrency’s path to full mass adoption.
One of such barrier are the heavy know-your-customer (KYC) requirements established by financial institutions which have led to an increasing percentage of unbanked and underbanked population in both developed and developing countries.
Even if users manage to access banking services, they are often denied basic financial services that would give them a chance to improve their lives. Cryptocurrencies democratize finance and help bank the unbanked: to move bitcoin you just need a receiving wallet, that’s it. According to World Bank data, 1.7 billion people were unbanked in 2017.
In a bid to curb money laundering, terrorism financing and other illicit cryptocurrency uses, regulators throughout the world have forced crypto platform to enforce KYC checks on their users. Often, this leads to invasive practices from crypto platforms and a lot of headaches so users can get exploited with massive fees.
There are, however, companies in the space enforcing solutions to these problems, even while complying with the KYC checks. One such company is Alfacash Store, a non-custodial cryptocurrency exchange that has been running since 2012.
Crypto Exposure Without Being Exposed
Alfacash Store, as a regulated company compliant with the European Union’s 5th Anti-Money Laundering Directive, enforces KYC checks. It does so differently, however, through a process powered by Sumsub, a market leader that allows for near-instant KYC verification.
On Alfacash, users simply have to sign-up and verify their identity using one of three government-issued identification documents:
- National ID card
- Driver’s license
After verifying their identity with a government-issued document, they can proceed to take a photo of themselves with the document in hand in a bid to prevent fraud. Once the selfie is taken and provided both the user and the document are clearly visible in it, verification is automatic after three minutes.
That’s it. No videos holding handwritten signs, no unnecessary risks using your documents, and no humiliating requests demanding personal information. Once KYC is passed, users do not need to go through the same process again.
On top of all that, going through KYC is not even necessary if they are exchange a cryptocurrency for another, and is as such only necessary to trade cryptoassets for fiat currency. Alfastore’s simple widget has a well-known and intuitive user interface.
Security is Paramount
Going through these steps naturally requires users to share some sensitive information. Alfastore enforces strong protection of consumer data under the General Data Protection Regulation (GDPR) principles.
In some cases, the sensitive data handed over is exploited and bad actors use it to try to scam users. In some rare cases, the data leaked was enough for these actors to threaten and try to attack users to go after their cryptocurrency holdings.
Following GDPR principles and ensuring as little information as possible is collected ensures user safety. Working with market leaders and trustworthy organizations further emphasizes Alfastore’s commitment to security.
Ultimately, this means Alfastore is a secure cryptocurrency trading platform. As it isn’t a custodial platform, users can start trading their cryptoassets immediately after registering in the case of crypto-to-crypto trades, or after going through KYC in the case of fiat-to-crypto trades.
In the future, Alfastore is expanding its ecosystem with cryptocurrency processing and wallet services. The platform already supports most top cryptoassets including BTC, ETH, XRP, and LTC. It also supports major tokens from the decentralized finance space (DeFi), including UNI, YFI, DAI, MKR, and Wrapped Bitcoin.
A full list of supported cryptoassets can be found on the platform’s website. Alfastore is also set to add in promotions, discounts and other special programs to help onboard users into the cryptocurrency space.
The company is run by a team of exports in crypto economics and programming who firmly believe in the power of cryptocurrencies. It aims to build a sustainable and transparent business while giving users and opportunities at low fees. You can register for the platform to start trading crypto without being exposed.